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A gold loan EMI calculator is a digital and online tool that allows people to calculate the monthly installments that they will have to repay based on the gold interest rate. This online tool allows users to view a breakdown of their EMI comprising the principal amount and interest. In this calculator, users only need to enter their preferred loan amount, tenure, and interest rate applicable on the gold loan. Using this tool provides borrowers with clarity on the best gold loan interest rates, which helps them make an informed decision.
Using a Gold Loan EMI Calculator – Process
A gold loan EMI calculator is quite simple to use. Almost every loan provider's official website offers an EMI calculator. Individuals can visit the online gold loan calculator page in order to use this tool. After that, they need to follow the below steps:
Enter your basic details such as name, email ID, contact number, state of residence, and PIN code.
After that, you need to fill out the gold type. You can choose between ‘solid,’ ‘chain,’ and ‘with stone’ options.
Now, enter the loan amount you want to get.
Lastly, fill out the weight of your gold articles.
Just after completing this process, the online calculator will show the total amount offered against your collateral, as well as the monthly EMI and the applicable interest rate on the loan amount. If you want a more accurate calculation of your gold loan eligibility, you should go to your closest NBFC branch with the gold jewelry that you want to pledge as collateral. The branch's team will conduct an evaluation of your gold, providing you with the accurate weight, purity, and worth of your gold.
These online tools' immediate and error-free results allow individuals to simply and quickly compare different online lenders. As a result, it helps individuals in selecting a suitable loan provider.